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and hillary clinton were awol and the defense department and the joint chiefs of staff were apparently unable to do anything to save our boys. tough story. we'll talk about it. "the kudlow report" begins right now. >>> first up the big story this evening. the northeast getting pounded with snow. nbc's jay gray is in boston, and that's still expected to be where the worst of it will happen. jay, governor patrick in massachusetts ordered all cars off the road at 4:00 p.m. today. does it look like people are following that order? >> reporter: hey there and good evening from boston. yeah, for the most part it looks like people are complying with that order to stay off the roadways. from our vantage point over the last couple of hours all we've seen are plows, sanding trucks and emergency officials out. that's good news. it means people are listening. they're inside their homes and trying to ride this storm out. look, this may be the hardest-hit area in this blizzard. forecasters saying we could see 2 to 3 feet of snow when it's all over. and unfortunately as the wind picks up here we're going to
your judgement, who is the reagan kemp clinton optimist. the person to watch on the speaker said is john boehner. he is going to be the player tonight listening slowly. if the president is signaling a willingness to compromise. >> the polls are pretty clear on this. and you mentioned bill clon t clinton. clinton said we don't have an external enemy right now. you said the era of big government is over. >> and that is opt mi miss many. what clinton said is our enemy is ourselves. our enemy is dysfunction al government. the president is going to speak to the american people about the economic issues that matter most to them and i think that is important. >> if he talks about tax hikes republicans are going to tune out. >> it is possible that he could turnout to be the optimist tonight. i want to wait and see. >> the guy i'm watching tonight is marco rubio. he is optimistic guy and i happen to know he has a great pro growth message. meanwhile jared bernstein and robe robert, i appreciate both. joining us next senator johnson and former democratic governor robert dean. i'm kudlow, we
we got with clinton. >> that's what we got with clinton. he took spending from 21% to 18%. we had an economic boom. milton friedman was right. that's why the gop should get wise and label this an economic growth measure. dan mitchell, thank you very, very, very, very much. now, folks, another question. does welfare really help the poor? we're going whole hog tonight. we got a blockbuster new report that shows welfare actually hurts the poor. that's next up. and later, did you see this? it's a massive meteor strike in russia, leaving hundreds injured. scientists say the impact was similar to a nuclear blast. we're going to have the latest on that. please don't forget, free market capitalism, not welfarism, is the best path to prosperity. it is ladies' night on "the kudlow report." and i know in their hearts they are all free market capitalists. i'm kudlow. we'll be back. ♪ oh, yes it's ladies' night ♪ oh, what a night ♪ ♪ ♪ ♪ [ male announcer ] what's the point of an epa estimated 42 miles per gallon if the miles aren't interesting? the lexus ct hybrid. this is the purs
, particularly the second half of the 90s, would you have called that the clinton bull market? >> absolutely, for one big reason. government spending was below 19%. i want that g out of there and the i up. >> in the 1980s you would have called that the reagan bull market? >> absolutely. >> but i can't get you to say it's the obama rally. >> what but? >> i think it's the bernanke profit making businesses ceo lean and mean rally, maerk's resilient private secretator, t heart of the free market economy is holding up better than i would have guessed and good for them. thank you very much and michael, who likes some decades better than others. now, folks, have you seen a weather forecast lately? not good, massive snowstorm on the way for the northeast. they're talking about this being an historic event. we have the latest on that just ahead. come on, nowadays lots of people go by themselves. no they don't. hey son. have fun tonight. ♪ ♪ back against the wall ♪ ain't nothin to me ♪ ain't nothin to me [ crowd murmurs ] hey! ♪ [ howls ] ♪ i'm lorenzo. i work for 47 different companies. w
under bill clinton. >> reagan ran enormous deficits and clinton surplus. >> bill clinton cut spending with newt gingrich. not tax rates. never. >> the tax increases have happened. the tax increases have happened. that part of the balance is there. now it is time to look at the other side which is spending cuts and entitlement reform. that's what hasn't come yet. >> i have to get out. thanks very much. appreciate it. you're both great. so are house republicans prepared to put up a spending cut fight with the president some let's get t? let's get the gop perspective. mr. roscom, what is your response to president obama's rift today? >> well, look, this is president obama's sequester to pay for the old ket credebt ceiling deal. that being said, the president also in december last time you and i talked had a great deal to say about all these revenues that were coming in and he created the impression on the part of the american public that all of our fiscal problems were going to go away. it was all going to be great if simply those tax rates went up. well, the tax rates went up, the presi
scenarios. it's just federal agencies playing politics. we cut spending under clinton and reagan and we did it after world war ii. we did it under calvin coolidge. in every case it was pro growth and private prosperity. let's get the job done asap. our cnbc contributors have some thoughts of their own. i want to talk about mr. costa, i want to go to mr. costa first. i want to hear about this big sequester news the president on the phone with john boehner and mitch mcconnell. i didn't even know he had their numbers. what's going on here. >> the relations between capitol hill republicans and president have been quite icy for the past few months but the president called mitch mcconnell and john boehner but according to my inside sources those calls were unproductive. impasse about the sequester continues. >> no deal? >> no deal happening. republicans don't say to the president we're not going to raise taxes regardless of the kind of political pressure you put on us and the scare tactics you have about the potential job losses. >> will we see last minute negotiating? >> i think so. it will go r
, being a democrat, one of my favorite democrats is bill clinton. what did bill clinton do working with republicans? cut spending. what did the economy do when bill clinton worked with the republicans to cut spending? the economy boomed. that's your model. >> but it's the sequester, which means you that can't cut spending smartly. it's just across-the-board random cuts. i'm for cuts. i'm one that will agree that we do have to cut spending. but we've got to do it in a balanced way. we've got to cut spending. i don't think anyone will argue that. we cut spending before in the budget control act. we cut some spending. but we do believe it's got to be done in a balanced way, that we cut spending because the ultimate goal is to have a balanced budget. cut spending and find more revenue, collect it together. >> i knew the r word was coming. >> absolutely. >> i knew the r word was coming. it was coming up here. bob costa, let me just ask you. i'm looking at the late posting on the "new york times" website. democrats press gop to start talks to avert budget crisis. this is with six days to
back to 19%. bill clinton, like the calvin coolidge. >> i think while it's bad for everybody, i think it's worse potential for the republicans. poll after poll, if you look at the full picture, it showed a majority of americans believe it's the republicans not willing to come to the table and make a deal, a. b, they like this concept of the balanced approach the president has been talking about. what are they hearing now as he head toward this magic day? the president saying let's try to make a deal, can we do something smaller? whether you agree with it, i'm saying the politics is the president seems to be in the position of trying to get a deal where the republicans are say we can't do everything. >> the president is trying to get a tax hide without any spending cuts. >> haz absolutely incorrect. he said he would do both. >> i have told by the majority leader the tax increases are real, the spending cuts aren't. he offered two bills that passed the house. >> all on domestic spending. >> you have to cut spending. >> all on domestic -- so you think there's no bloat in the military spe
, limited government, stronger private sector, great for economic growth, happened during the clinton years, happened during the reagan years, happened after world war ii, it happened during the calvin coolidge '20s. >> uncle, uncle. >> the calvin coolidge '20s. >> i think your $44 billion is a legitimate number because that's t o the outlays versus the cuts which takes place over more than one year. it comes out of the economy, just not in one year. if you look at the nonpartisan shops who have looked at the impact on the economy, they all coalesce around one number. they say this sequestration if it takes effect and holds will take about .5% of gdp growth out of the 2013 economy. now, that doesn't sound very good to me. we were just talking about how the economy's already growing too slow as far as we're concerned. i don't believe the fourth quarter recessionary number. i think that's going to be revised up. but if you think this is an economy that can take a 50-basis point whack to gdp growth, perhaps we're in a different world. >> here's the thing, let's go through this. 44 billion is t
this, frankly, but in '94 i came out when clinton and gingrich were doing their thing. frankly at the time i wanted to raise the age limit on social security and medicare recipients, and i wanted to raise it in 2010 because i figured in '94 no one would care, and that was also when the demographic thing kicked off, so it's been a long time on this issue for me. well, we're there now, and -- >> no we're at the age. >> in '94 entitlements were 50% of federal outlays, up from 28% in 1960, but to my horo under the george bush administration they went from 50 to 63, medicare "d." now at 67% of all federal outlays are entitlements. maybe put that in perspective. if you look at the actuaries out there, entitlements are scheduled to grow 700 billion in the next four years. >> 700 billion in the next four years. >> just to change in entitlements. that's as the deck gramps kick in. >> you wanted to raise the entitlement age. now they are debating this. but how much would just raising it for medicare, from 65 to 67, how much money does that get you? >> well, it depends on over what time p
, honestly. if you recall at the golden globes, bill clinton was a presenter there. it almost felt like the oscars felt like they had a need to one-up the golden globes by having the actual president's wife rather than the former president presenting. and i kind of felt like it would have been more appropriate if she welcomed everyone at the beginning of the evening instead of being there at the height of -- you know, to take the football being passed off from jack nicholson. and he's pretty famous. he's a pretty good get as a presenter as it is. no, no, we're really going to amp it up for you this time. that's how it felt to me. >> i found it very disturbing. >> disturbing? >> the sense i got from it is young people are big president obama supporters. a lot of young people watch the oscars. there are a lot of social media about the oscars. that's to me what this was about. i couldn't think of any other reason why the first lady would do this. >> well, i don't know how young the viewers of the oscar telecast are. i think they were trying to go younger when they invited seth macfarlane t
the clinton administration. >> w lowered marginal -- >> he did a little bit. at the time he did it, that's when the economy collapsed. but what i think she's missing here, if i can, is the reason they're all over there in ireland and all these others is because we have a double taxation system, we're the only major country in the world -- >> and obama loves it. >> we have the highest single tax rate, corporate tax rate in the world. >> it's one of the things he rejected. that was one of the biggest things he rejected. hang on, we're going to do a little stock market work, but you're all going to stay with me. first, i want you to listen to this bullish piece from my pal professor jeremy segal of penn. >> we're going to see earnings per share, i think 5% to 8% higher and i think we're going to get expanding multiples, which is going to send us well above dow 15,000. >> well above dow 15,000. i kind of like that. however, however, byron wean, a smart guy, today he said he's looking for a major correction. so andy, which is it going to be? are we going to have 15,000 dow or major correction
clinton. we did it under reagan. we did after world war ii. in fact from a new book we did it under calvin coolidge so smaller government means less burden and better private sector but let me just break these numbers. >> hold up for just a second. you know how this works in television. let's get to phil lebeau with the tesla newspaper and come back to the conversation on sequestration. >> a wider than expected loss from tesla in the fourth quarter, loss of 65 cents a share versus the estimates on the street of 55 cents a share. revenue coming in stronger than expected, coming in at $306 million. three headlines we want to point out. first of all, the company reconfirming that it expects to produce 20,000 model-s sedans in 2013. that was the target they put out there. they are reconfirming that that will happen this year. second of all, now expect to be profitable in the first quarter of this year as opposed to late this year which was the previous guidance so expect it to be profitable soon, and finally reservations for the mold-s. this is important in terms of that demand that's out ther
hour. democratic strategist, a former clinton adviser. dick morris, co-author of "here come the black helicopters" and returning star parker founding president of urban renewal and education. welcome. dick morris, explain to me this. detainees being pushed out. the world is going to hell in a handbag. the military can't function. kids won't eat, they won't be able to go to school. what is obama thinking he's accomplishing with all this gloom and doom. >> he knows he'll lose the sequester fight because congress does better than nothing any other institution on earth. the sequester takes effect. the reason he's making a big fight or sequester he knows his $300 billion of tax increases are going to mess up the economy. he knows that your optimistic projections are not going to happen because of his tax policies. so what he's doing is inventing this boogieman, 85 billion of sequester. it won't be 300 billion of taxes or 200 on payroll or 70 on rich or capital gains. 85 million of cuts. >> spending terms 45, less than that. so small, it's so small it is one quarter of 1% of gdp. so you're
of what clinton tried to do with education, what george w. bush tried to do with social security. will there be a hallmark measure like that tonight? >> the president has practically speaking a two-year window before the attention fully turns to the 2016 presidential race. this is probably the peak of his ability to move the country, move republicans in congress. the american people are behind him. his approval ratings are high. it depends on what go big means. if it means a set of initiatives he's proposing to try to build middle class jobs, build middle class incomes, that's big. if immigration reform comprehensively means going big, that's likely to happen. the gun debate is one where he's not likely to get what he's looking for. but eamon, you're surrounded by lawmakers as they're filing into the capitol. what are you seeing? >> reporter: that's right, john. this is sort of the spin room where members of congress will come after the speech to give their reaction. i can tell you a lot of members have been here throughout the evening giving their prespin spin. the spin room has
president obama and they compare president clinton. and the suggestion is that president obama has not been able to lead the same way, not been able to cross the aisle. do you think that's right? >> i think that president clinton was effective in crossing the aisle. and i think president obama would have been every bit as effective, but i think he faced a very different political situation. by the time you got from the '90s when we were there to the present time the polarization had hardened very substantially and i think had president obama faced the same political situation that president clinton had it would have been very difficult, just as it was very difficult for president clinton, but i think obama in a different style, in his own way, would have been equally effective working with the opposition. >> we have lots of ceos who came on the set before the election who said that president obama was not pro-business. he was not pro-growth. he was not -- you've heard it. you've heard it a lot. do you believe that? having lived in washington. what's your take on that issue? >> my take is as
. very frankly, when we had the clinton rates in place, which were not close to at this point in time, we had the best economy that you and i have seen in our lifetimes, frankly, in the 1990s. there were a lot of factors surrounding that. particularly the i.t. explosion. >> right. >> the information technology explosion was the driver of that. but the tax policies that were in place did not tamp that down. and, in fact, the fiscal stability, the fact that we had a balanced budget for four years during the clinton administration gave confidence to the investing community that their investments would not be eaten up by inflation, or by government policies. so, no, i'm not worried about that. what we do need, however, is a balanced package, over ten years, big, bold, balanced package. i think that will give extraordinary confidence to the marketplace, and will grow our economy, irrespective of the taxes. now when i say that i want to make it clear i don't mean that we can have tax levels so high that we undermind incentives but we're nowhere close to that. >> representative hoyer, didn't the
council of economic advisers under president clinton. she says the sequester is absolutely not necessary and must be avoided. bob mcteer is a distinguished fellow at the national center of policy analysis, former president of the dallas federal reserve and a cnbc contributor and says if they can't make a good deal willing to risk the side effects of the sequester. good to see you. thank you very much for joining us. >> thank you. >> lawyer, if the sequester kicks in, how much damage does it do to the economy? >> two recent estimates from the bipartisan policy group, 1 million to 1.2 million to 3 million jobs. last year the economy created 2.2 million jobs. this year we take out 1 million to 1.2. we take off a percentage point of gdp, but the real question is it's absolutely not necessary. it's bad policy and it's not necessary. >> bob, what do you say about that? you're willing to let the sequester happen, right? >> if necessary. i do think it's a bad idea but if it's packaged up with much more tax increases and we can't get a better deal, then this is better than nothing and maybe it ca
is so weak. if you go back to the last two booms we had, the clinton and reagan boom when there was huge demand for oil, the price was nowhere near it is now. it's obama's week dollar that has driven up the price of oil. >> we may be energy independent, austan. that's the kie keye point i'm trying to make. let me move on to the infrastructure. he wants another $50 billion of infrastructure. nobody is against infrastructure but anybody up on the hill says there should be long-term planning so we can do it efficiently. >> i agree with that. >> he has put so much extra money that never was shovel ready. you've heard that line, he used it himself, and here, too, i got to say to you all this government money, if it was going to jump the economy, why hasn't it jumped the economy? if it was going to work up till now, why hasn't it worked? infrastructure, he's going to have housing credits again. we've done all this. we've done all this. >> let's do it one at a itime. >> i don't like the government planning. i like free market resources. >> neither do i. in the case of infrastructure, the presid
on revenue, errse the former clinton white house chief of staff says he needs to push both sides. >> we're going to have to push the white house on health care. push the republicans on revenue. what we've tried to do is make enough cuts in health care to slow the rate of growth on a per capita basis to the rate of the growth in the economy. in our opinion that takes $600 billion to do over a ten-year period. >> reporter: maria, even if erskine bowles and alan simpson are successful in that, it's not likely to be before march 1st. this is all happening in public. private negotiations are not going on it. may be, as erskine bowles and alan simpson suggested today, that we need a public backlash from the consequences of some of those sequester cuts before there's enough heat for washington to make a deal. >> deja vu again. these speeches sound more and more alike. thanks, john. mergers and acquisitions are heating up. what's the next biggie coming down the pipe? i'll speak about the nysi deal come up. >> and china's cyber attack. what america can do to ward them off and phil lebeau is test
clinton. air traffic control will exempt. air traffic control will continue as will law enforcement. tsa should continue to work. the repairs come out of the trust fund and so that is already funded. regular rank and file faa, inspectors, et cetera will be subject to furlough. but air traffic controllers are exempt. repairs are budgeted already and tsa law enforcement. i think travellers won't see it right away and some of this is a scare tactic, but that's washington. that's how washington works. >> you got that. mary scavvo thanks for being with us. >> jason has a buy rating on the stock with a hundred dollar price target. jason, you just heard mary and phil lebeau say the 787 matter could be solved and planes back in the air by early april, late march on the most optimistic time line. what does that do to boeing and its stock? >> certainly constructive for the stock. but i don't think well be fully out of woods by then. we've got to keep in mind this at least a 090-day process. for the faa to do its comprehensive review of manufacturing, assembly, and design. which is what they are do
expected to help business development for the town, dhl donated 1,500 acres of the air park to the clinton county port authority. [ticking] coming up, where the unemployable get jobs. >> we get people who are straight out of prison. we have people who are just coming out of substance abuse programs and need an opportunity to make a go of their lives. we have people who are returning to work from the welfare rolls. >> and rehab centers and probation officers know that you're a man to call. >> yes, absolutely. >> the remarkable story of the greyston bakery when 60 minutes on cnbc returns. [ticking] [ticking] >> how did a bakery in yonkers, new york, end up not only making cakes for the rich and famous but also supporting the poor and the disenfranchised? the greyston bakery is a social experiment that started more than 25 years ago with a goal of employing the chronically unemployed, getting them off the streets and back into the workforce. not only that. the profits from the bakery are used to help fund daycare centers, health clinics, and counseling services. as bob simon reported in 2004,
in the clinton administration. he says the amount of co2 we're talking about is mind-boggling. >> if the world did this at scale, it would be the equivalent amount of co2 going into the ground as oil now comes out of the ground. so you have to recreate the entire oil delivery infrastructure of the planet, which was built up over a century, just to deal with this co2. >> is it practical? >> that we don't know yet. no one has ever taken large volumes of co2 and stuck it in these deep underground aquifers and then measured and verified that it stays there permanently. i mean, after all, if it doesn't stay there permanently, if it leaks out slowly, it's not saving the climate. remember, we spent 30 years just trying to get one repository for nuclear waste, yucca mountain, and we haven't succeeded. now we're gonna need dozens and dozens of repositories for co2. >> it is not impossible. what we need in this country is what i would call a marshall plan. we rebuilt the economies of japan and germany after world war ii. we need to rebuild our economy and transition it to a low-carbon economy. we can do
and washington's love affair with deregulation, an infatuation that was endorsed by president clinton at the white house and encouraged by federal reserve chairman alan greenspan. >> that was the wildest and silliest period, in many ways. now, again, that's with hindsight because the argument at the time was, "these are grownups. they're institutions with a great deal of money. government will only get in the way. fears it will be taken overseas. leave it alone." but it was a wrong-headed argument and turned out to be, of course, extraordinarily unwise. >> what role did alan greenspan play in all of this? >> well, he made clear in his public speeches and book that a libertarian drive was part of the way he looked at the world. he's a very talented man. but that didn't take us where we had to be. >> he was--another former commissioner told us, hard to argue with at that point. >> alan was most powerful man in washington, in a real sense. certainly a rival to the president and had enormous influence on capitol hill. >> and he was at the height of his power. >> he was at the height of hi
donated 1,500 acres of the air park to the clinton county port authority. [ticking] coming up, where the unemployable get jobs. >> we get people who are straight out of prison. we have people who are just coming out of substance abuse programs and need an opportunity to make a go of their lives. we have people who are returning to work from the welfare rolls. >> and rehab centers and probation officers know that you're a man to call. >> yes, absolutely. >> the remarkable story of the greyston bakery when 60 minutes on cnbc returns. [ticking] [ male announcer ] you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwid
, in fact, over the last couple of decades. most of them are pretty market neutral. the gingrich/clinton shutdown really hurt republicans. the mood of brinksmanship in washington does appear to have receded somewhat. >> all right. stay right there. still to come, will it all be changing as iran holds elections, as well, this summer? will it bring diplomacy or conflict? more on that in just a moment. ♪ [ engine turns over ] [ male announcer ] we created the luxury crossover and kept turning the page, writing the next chapter for the rx and lexus. this is the pursuit of perfection. >>> the xetra dax down 1.8%, the ftse 100 down 1.25%. the cac 40 down 2% and the ftse mib down 4.57%. have we got the u.s. futures board? there we go. we are called higher. the dow up 55, nasdaq up 75.points and the s&p up 5 points. the country will put forward a new packet of proposals for iran. they gave no details, loit suggested they may be open to change. what is the likely outcome of the political machinations in iran and what does it mean for the rest of the world? >> i don't think we should expect any
bill clinton's economy you've got to pay bill clinton's taxes. >> so why aren't republicans really, if they like tax cuts, if they like tax cuts, they got a huge amount that's not going to come out of the private economy and go to the government. they should be happy. >> i have said many times that republicans won the fight in january they just don't know it. and nobody -- washington is upside down. it's -- >> certainly is if we agree. >> well, but the -- they think that common political wisdom inside washington is that the president won and the republicans lost. the fact is, the republicans won an enormous victory. they stabilized taxes for middle class people at the bush tax rates for everybody below $400,000. and they took all that revenue off the table and we can't use it to balance the budget. the cults are going to have to be much deeper if you're ever going to get anywhere towards fiscal stability? >> does the market believe we're going over the sequester cliff? >> and does it care? >> does it matter? >> all of the above, i think, in some respects. i actually think -- i agre
secretary under president clinton. let's talk with buzz words we hear again and again, a balanced approach to balance and spend. people have their own views what balanced and fair means. you spend time talking to people inside the white house. what does that mean in practice? >> you go back over the past year, the word balance has really meant what is the long way to get long term fiscal debt reduction and fiscal responsibility between revenue and spending cuts. i think today that discussion of balance has actually migrated to one of also timing, the idea of what is good for the short term to get the recovery on track versus what is good for the long term, in terms of getting obviously debt to gdp to a manageable level. from my perspective, a balance today says recognizing that government has an important part, in terms of the short term keeping the recovery going. you saw last quarter, gdp flat. why? the biggest component of that, government spending, down a point and half. >> why don't we see then the obama administration take an approach, we're not going to do anything this second, 10 y
, you probably remember when clinton gave the state of the union in 1998. he said the economy's very strong. this is a strong statement. the market was up a point the next day. but this was really nothing in there that is new news or is market-moving news. if you kind of go through the topics he's covered in the sectors they would affect, the minimum wage, you would think maybe walmart or mcdonald's might trade down because of the news. i think everyone expects that the republicans will block it. they'll discuss it, it -- you know, it was just kind of thrown out there. >> to me that may be the bigger issue. we've been living in this -- the past couple of months have been, feels goldilocks, right? despite we've had some things come off here and there. but a little goldilocks. that's in part, i think, a function of the fact that we haven't been talking about politics. if feels like politics is off the table. the question is, when you hear a speech like that, do you think to yourself, washington has more gridlock than ever, that people are going to come together, i mean, then -- and i p
bill clinton's years, 21 to 18% of gdp, we'd boom. reagan, 21 to 23% of gdp, we'd boom. we should not fear a smaller government, we should yearn -- yearn for a more prosperous private sector. >> are the markets telling us we shouldn't be afraid of this? the markets saying we should be afraid? >> i do no i can't discern the market, federal reserve policy, china out there. i'm here to tell you the numbers are -- >> can i editorialize a point? >> i wish you would. >> i'm concerned that the gop just simply doesn't get it. you just lost an election, you couldn't appeal to women, blacks, hispanics, gays, a poll in "usa today" that subjects just 22% of americans, a record low, identifies being republican. >> right. right. >> not about the economic theory, larry, not about our mutual fiscal conservatism, it is about the hearts and minds and owe? what is succeeding going around the country doing what he's doing. >> look, i'm not here to speak for the gop. >> but the -- >> i sometimes advise them. i sometimes advise them. the country wants lower spending and deficits and debt. on this point
of course and obviously today is hillary clinton's last day. so we'll see big changes over there as john kerry will now take over as secretary of state. so a lot of changes here for barack obama. obviously this is typical when you have a second term but of course it's a tricky period for any president to navigate because he's got those familiar faces now parting ways and he's got a whole new crew coming in. >> transportation, too, as my producer points out. and energy one of those that really does have implications for investing. thanks so much. >> yes. >> so is this rally going to continue? on the newsline this morning brian belsky the chief investment strategist with bmo capital markets, good morning to you. >> good morning, carl. thanks for having us. >> what do you make of today and everything that's led up to today starting at the beginning of the year? >> well, i tell you what. this is all about building, quote-unquote, street cred for equities again, rising stock prices do a lot with respect to making people feel better about the institution of equity investing. clearly, some asse
, which was a bipartisan george bush the first, newt gingrich and bill clinton adopted, and then it was dropped. as you know, in 2001. and we didn't have a pay as you go policy, and what happened? we blew a hole in the deficit, added $5 trillion to the deficit. and we took a surplus into deep debt. we got to stop that you're absolutely right. >> doubling down. >> yes. >> i saw glimmers of hope with the terrapins. i don't know. >> there are glimmers of hope and they did pretty well from time to time. saturday, as you saw, joe, was not a good game for us. we didn't play our a game. but when we play our "a" game we got a lot of freshmen, sophomore -- dominant center right now. but he's going to be. and we're going to have a very, very good team as time goes by. but they had a bad game on saturday but they had a good game away at virginia tech before that. so, i'm very hopeful that they're going to do well coming forward, and next year. >> any progress on -- do i need to raise some money for the steny hoyer statute? the boomer esiason statue at -- on the campus. and i said
was at hillary clinton's house, you saw just last month. no, i wasn't there. i thought it was a story about power and the return to power, and in a city where people drop people at a whiff of trouble -- >> the mayor never dropped him. >> i think many of his friends never dropped him. i thought it was an interesting sort of look at both steve and new york. >> what he was accused of, what we're talking about here, i'm shocked. that louis renault at its best, isn't it? like that was never done before? >> it was done, by the way, not just done for his case, but carlisle and about nine other -- >> don't show langone. so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. we all work remotely so this is a big deal, our first full team gathering! i wante
learned in the 1990s when bill clinton was president nothing shrinking the deficit faster than a growing economy that creates good, middle class jobs. that should be our driving focus, making america a magnet for good jobs, equipping our people with the skills required to fill those jobs, making sure their hard work leads to a decent living. those are the things we should be pushing our sefs to think about and work on every single day. that's what the american people expect. that's what i'm going to work on every single day to help deliver. so i need everybody who is watching today to understand you got a few days, congress can do the right thing, we can avert just one more washington manufactured problem that slows our recovery and bring down our deficits in a balanced, responsible way. that's my goal, that's what would do right by these first responders, that's what would do right byamerica's middle class. that's what i'm going to be working on and fighting for, not just over the next few weeks but over the next few years. thanks very much, everybody. thank you guys for your service. >
, instead of trying to get together the way reagan did with tip o'neill, or clinton did with republican congress, there's just too much animosity. it should be time for compromise. just the administration's that i alouded to before. >> so if that's the situation and you're worried about where we're headed, you're thinking the economy is at stall speed how do you set irportfolio up? are there stocks in particular that you would avoid? >> well, at this point you'd have to avoid the defense stocks because obviously the across-the-board sequestration is not going to be good for the lockheed, general dynamics or northrops of the world. you have to avoid them because the earning power could drop substantially. a couple of stocks i am going to represent this morning are defensive in character. the first one is cvs caremark. the company is selling at about 12.9 times expected earnings. they should earn $3.95 to $4 this year. the top line growth is only 2% or 3% but similar to what happened with mckesson which i recommended the last time is the gross margin dollars not the revenues that are impo
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